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South Korea’s Liberty Korea Political Party set to use Blockchain Technology for Elections

Reading Time: 2 minutes by on February 11, 2019 Adoption, Blockchain, Development, News, Regulation
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In a bid to foster transparency and curb the activities of bad actors in the electoral process via blockchain technology, South Korea’s largest opposition party, the Liberty Korea Party, has joined forces with ioeX, a Taiwanese distributed ledger technology (DLT) startup, according to a press release on January 11, 2019.  

Blockchain Voting System for Party Elections

Per sources close to the matter, the Liberty Party of South Korea, the nation’s largest opposition political party, is looking to adopt blockchain technology and use it for its party elections in March 2019.

Against that backdrop, Liberty Korea Party has announced its partnership with ioeX, a Taiwan-based blockchain project, to allow the latter to formulate a DLT-based voting system which will be used to conduct party elections.

The team says the blockchain solution will be officially used during Liberty Korea Party’s youth committee elections slated for March 2019 and the system will also be used to gather and record public opinions and more.

Liberty Korea Harnessing Immutability 

Though nascent, blockchain technology, the lifeblood of bitcoin (BTC) and other cryptocurrencies, has a vast array of potentials including fostering transparency, immutability, security and more.

These excellent features have inspired many firms in the fintech, supply chain, healthcare, and other areas of the global economy to start looking towards the direction of DLT.

The Liberty Korea Party is not oblivious to the above facts either. The Floor Leader at Liberty Korea Party, Na Kyung Won, has stated explicitly that the excellent features of blockchain technology can help facilitate free and fair party elections with significant success.

In the same vein, South Korea National Assembly member and Liberty Korea representative, Hee Gyun Song has made it clear that the political party remains determined to keep exploring new use cases for the burgeoning technology.

Interestingly, the Liberty Korea Party says it plans to legalize initial coin offerings (ICOs) as well as cryptoassets,  to ultimately create a healthy environment for blockchain technology to thrive.

Commenting on the development, Founder and CEO of ioeX, Aryan Hung reiterated that the firm is  excited to work with Liberty Korea Party, adding that ioeX is poised to give the public an unforgettable blockchain technology experience. Hung also noted that:

“Candidates speeches and policy announcements can be recorded temporarily on the distributed ledger. Through content searching, users can find other content such as video and images that cannot be stored on the blockchain. This gives them a better understanding of each candidate’s past achievements.”

It’s worth noting that blockchain technology is fast gaining traction in the political ecosystem.

In September 2018, BTCManager informed that Japan had launched its first DLT-powered voting system and on January 4, 2019, reports emerged that Thailand had started making active plans to use the groundbreaking technology for elections, in a bid to reduce fraud and maintain data integrity.

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